LB Finance profit after tax up 3% to Rs 940M
LB Finance recorded a profit after tax (PAT) of Rs 940 million during the first quarter ended 30 June this year posting a growth of 3 per cent compared to Rs 912 million recorded during the same period last year.
Profits before tax (PBT) marginally grew to Rs 1.386 billion during the quarter compared to 1.38 billion a year ago.
Operating profit before tax on financial services increased 5 per cent to Rs 1.68 billion as against Rs 1.6 billion reported last year.
The firm posted a 28 per cent growth in income to Rs 5.5 billion during the first quarter this year from Rs 4.3 billion a year ago.
The Net Interest Income for the period increased by 10 per cent YoY to Rs 2.6 billion. The Company's Fee and Commission Income expanded by 13 per cent YoY to Rs 299.8 million. As a result the Company's Total Operating Income for the period increased by 11 per cent YoY to Rs 2.9 billion.
Commenting on the strong performance the Company has demonstrated in Q1, LB Finance MD, Sumith Adhihetty said, "LB Finance continues to display remarkable resilience and growth even amidst the prevailing challenges in the external environment.
Our performance in the first-quarter is certainly quite positive, as indicated by the substantial improvements in topline performance and by other key performance indicators that were maintained well above industry averages. This year we expect to exceed the exceptional performance we achieved in the previous year, through sound strategy and focusing on our core strengths."
Impairment charges during the quarter stood at Rs 68.6 million which is significantly lower than peers, due to the stringent underwriting and credit risk management strategies adopted by the Company. A concerted focus on efficiency enabled LB Finance to maintain its operating costs and bring it under control, leading to an operating profit of Rs 1.7 billion, reflecting a 5% YoY increase. The value of the Company's total assets as at 30 June 2017 stood at Rs 108.6 billion.
Profit beforeTax remained steady at Rs 1.4 billion while Profit after Tax (PAT) grew by 3% YoY to Rs 940 million. Earnings per share stood at Rs 6.79, as compared with Rs 6.58 per share in the previous year's corresponding period.
LB Finance's total Capital Adequacy Ratio as at the end of Q1 stood at 16.22%, as compared with a minimum regulatory requirement of 10%. Further, A- (lka) rating from Fitch Ratings Lanka Ltd. with a stable outlook denotes expectations of low default risk and strong capacity for payment of financial commitments.
Established in 1971, LB Finance succeeded in building an unmatched reputation as one of Sri Lanka's most trusted financial institutions as evident from the total deposit base of over Rs 65 billion, one of the largest in the NBFI sector.
Licensed by the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011 and listed on the Main Board of the Colombo Stock Exchange, LB Finance offers a variety of financial services including acceptance of deposits (Fixed Deposit and Savings Accounts), Finance and Operating Leases, Hire Purchase, Gold Loans, Housing Loans, Business Loans, Micro Finance, Factoring, Margin Trading, Currency Exchange service and the Western Union Money Transfer service through an islandwide network, offering unparalleled convenience to the customer, the release concluded.
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